Average scrap prices in the Chinese domestic market have continued to edge up compared to the prices recorded on March 11 as demand has posted some improvement and higher steel prices have brought some confidence to mills.
Average domestic HMS scrap prices in China are at RMB 2,204/mt ($319.6/mt) ex-warehouse, up by RMB 20/mt on average compared to March 11, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,235 | 324.1 | 40 | 5.9 |
| Liupanshui,Guizhou | 2,075 | 300.9 | 20 | 3.0 | ||
| Nanchang,Jiangxi | 2,195 | 318.3 | 0 | 0.1 | ||
| Handan,Hebei | 2,225 | 322.7 | 10 | 1.5 | ||
| Anyang,Henan | 2,215 | 321.2 | 30 | 4.4 | ||
| Zhangjiagang,Jiangsu | 2,265 | 328.5 | 10 | 1.5 | ||
| Jinan,Shandong | 2,220 | 321.9 | 30 | 4.4 | ||
| Average | 2,204 | 319.6 | 20 | 3.0 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have continued their uptrend amid increasing rebar futures prices and steelmakers’ improving profitability. Some steelmakers whose scrap inventories were at relatively low levels started to raise their scrap purchase prices, exerting a positive impact on the market trend. Meanwhile, although scrap bases have resumed operations, the overall scrap collection situation has remained weak, bolstering scrap prices. It is expected that scrap prices in the Chinese domestic market will rebound further in the coming week.
$1 = RMB 6.8909
